Bitcoin Remains Steady at $75,000 as Investors Seek Profit

Bitcoin, currently trading at $77,025.98, is holding near $75,000 as it encounters a supply barrier, despite steady demand from institutions. Traders are closely watching the developments in US-Iran peace talks during the ongoing two-week ceasefire. The CoinDesk 20 index has seen a 1.9% increase over the past 24 hours, outpacing bitcoin's 1% gain, amid reports of a potential ceasefire extension, which is boosting risk appetite. The US dollar has slipped to a nearly six-week low, and Treasury yields have eased, creating conditions that typically support cryptocurrency prices by making cash holdings less appealing. Gold prices have also risen, indicating a market that is balancing risk-taking with hedging strategies. However, the overall outlook remains uncertain due to the US blockade of Iranian ports and Iran's threats to disrupt shipping routes, which could lead to energy supply shocks and impact inflation expectations, potentially influencing central bank policies and crypto markets. On-chain data indicates that bitcoin supply often increases when prices reach key cost-basis levels for short-term holders, around $76,800, a level that may act as resistance as investors sell to break even.